Bitcoin has been range-bound since it broke into the $11,000 price zone at the beginning of the week. A look at the longer-term charts, however, paints a more bullish picture, especially if BTC can hold onto gains it has made this week.
Bitcoin Price Battles to Stay Above $12,000
Monday’s Asia initiated thousand dollar surge topped out over $12k. BTC returned to $12,000 price level twice more in the following days but failed to hold there. Over the course of the past week, the highs have got lower but there have been no lower lows indicating a tightening of this range.
An intraday high of $12,060 was posted a few hours ago, following a retreat to $11,470 according to TradingView. Since then bitcoin has pulled back again slowly to its current price around [coin_price].
Trader and analyst, Josh Rager, has been taking a step back to look at the bigger picture. Regardless of this week’s consolidation, the weekly view looks extremely bullish and bitcoin could close its highest candle of the year.
“If $BTC can hold on for three more days. Price has the chance to close its highest on the weekly chart in 2019”
https://twitter.com/Josh_Rager/status/1159668338685030401
That could be a big ‘if’ though, so the question now is where will BTC go next. With the channel tightening, a large move is imminent. Analyst going by the handle ‘Financial Survivalism’ has noted that bitcoin price needs to close above the $12,000 point on the daily chart to get any further gains. So far it has failed to do this. The downside picture is not so pretty.
“It is primed for a big move one way or another. If we can close a daily above $12,000 then new local highs would be highly likely. If that happens then $17,131 would be the target. If we breakdown the bull TL then target would be $8,000.”
Time to pay very close attention to $BTC. It is primed for a big move one way or another. If we can close a daily above $12,000 then new local highs would be highly likely. If that happens then $17,131 would be the target. If we breakdown the bull TL then target would be $8,000. pic.twitter.com/InYAfSfhCo
— Tyler Coates (@Sawcruhteez) August 8, 2019
The golden cross that formed on the four-hour chart this week does lean towards further upsides but momentum has been thin on the ground over the past couple of days.
Altcoins Battered
As usual, the rest of the crypto markets are a sea of red. Binance Coin and Tezos are the only two making gains today as the rest of them get trounced. Ethereum has been bashed 4% in a fall back to $215 while XRP, Bitcoin Cash, Litecoin, and EOS are all dropping 2-3% at the moment. It has been a miserable week for altcoin holders.
Will bitcoin price close its highest weekly candle for 2019? Add your thoughts below!
Images via Bitcoinist Image Library, BTC/USD charts by TradingView, Twitter: @Josh_Rager, @Sawcruhteez